It seems there are is a lot of news with respect to real estate in Las Vegas these days. Just recently we told you about the foreclosure sale of Nicolas Cages Las Vegas magnificent mansion and we have also learned that a couple just purchased a home that was regularly rented by the late Michael Jackson. This home was firmed up closed on Tuesday and was purchased by a California couple for 3.1 Million dollars. The home was also in the banks name as it was purchased in Foreclosure from the financial institution.

Not sure if 3.1 million dollars is a bargain because it is still quite a bit of money and not affordable for most people living in North America today but someone sure feels that this is a deal as the same real estate in Las Vegas was sold and valued at 6.4 Million dollars just two years ago. This home is located in Northern Las Vegas.

The home boasts 7 bedrooms on a massive property. It houses an orchestra room as well as several other great rooms for entertaining including a large theatre. The gated outside grounds are even better than the interior as there are multiple tennis and basketball courts on the property as well as a swimming pool that is of a great large size.

Many are picking up luxury real estate in the Las Vegas area due to the lowest prices in the last ten years. Those that said the US recession is over are surely not speaking about all areas of the US because there is clearly a problem that continues throughout many major cities.

So that sounds great doesn’t it? Selling a piece of real estate in Las Vegas for 4.95 Million dollars? Well the truth of the matter is the property was in foreclosure and the home sold for more than 3 million dollars less than what Cage paid for it about 3 years ago. His loss is certainly someone else’s gain but the star is currently facing some serious financial troubles with properties not only in Las Vegas under foreclosure at this time.

The star bought the house in a great area of Las Vegas for 8.5 million dollars in 2006. Since the down turn in the economy Cage has experienced quite a few losses and so had been put in foreclosure on several of his properties. He said that he paid over 70 million dollars in taxes to the IRS in total and owes 14 million more dollars in taxes to the great collection agency yet again.

The property in Las Vegas was snapped up within one day. It was on the market for less than 24 hours before someone decided to jump onto the opportunity to own a home that is over 14,000 square feet in total space. Located at 5100 Spanish Heights drive, this home has 6 full bedrooms for everyone in the family to enjoy along with 7 lavish bathrooms, a 16 car garage for all your vehicles as well as a private theatre room and an elevator if you don’t feel like using one of the several staircases.

There is plenty of foreclosure luxury real estate in Las Vegas today unfortunately those missing out are losing to someone that is benefitting in a great way – you just have to have the money to afford it!

There has been a real halt in the real estate market in the US. Not just in Las Vegas but throughout all of the states actually and we have seen many homes go into foreclosure as well as many vacant properties to people simply abandoning their homes to run away from the financial crisis that they were experiencing.

There is a quite a bit of turnaround happening now and while it will likely take some time, maybe even a few years to stabilize the losses and make sure that those that lost homes are back to where they were a few years ago, it is also moving in the positive direction. Since real estate is still relatively cheap because all the trouble a few months ago, those that do have the capital to put into real estate are making a move right now.

Las Vegas investors and even those that are not in Las Vegas have began to pick up real estate in the city and put money back in. Historically this is a great financial investment. Picking up as much property as they can in good areas that were once very expensive and are now available at a much reduced price and can produce a great return as long as the investors have the capital to hold on to the properties while the market adjusts itself and gets back to par.

Las Vegas isn’t the only city that is seeing these investors coming in to pick up the pieces, there are other cities that have the exact same thing going on but only the future will tell if those people will come out prosperous in the long run! The investors know that any possibility of a great return usually involves some risk.

A new report that was issued this past month showed real estate sales for 2009 for the city of Las Vegas. It seems as though while average prices for a single family residential detached home are the lowest that they have been since 2001. The median selling price for the home quoted above is roughly $150,000 USD. The same exact type of home averaged at approx. $250,000 this same time last year, making that a reduction of a whopping $100,000.

As a result and reflection of what is happening in the economy the real estate markets are feeling the burn. It is a historical fact that while the real estate market mimics what happens in the stock market it usually does this relatively slower than the stock market.

And while this is not what appears to be happening at this time, it is likely that we are not yet at the lowest point and home prices will continue to drop in the Las Vegas area and most of the US for the next little while at least.

The bad news: that while the real estate market is usually slower to fall it is also slower to rise back up from the falls that it experiences.

The good news: those that are new to the real estate market in Las Vegas and surrounding states have likely never seen a better time to get into the market as right now or in the next few months to follow. For first time buyers this is nothing but a dream come true and for those few investors that all kept their assets in cash, it’s a great time to pick up and sit on property until there is a turnaround and an opportunity to flip wisely!